Jun 12, 2025 | Accounting
The FASB staff just released an Educational Paper on Retainage under Topic 606—clarifying how to present and disclose retainage in construction contracts. While it reinforces existing GAAP and offers optional disclosures to improve clarity, it also highlights a bigger issue: even when disclosures are technically “there”, users can still struggle to connect the dots. This is a great reminder that financial reporting isn’t just about compliance, it’s about communication.
Apr 17, 2025 | Accounting
The FASB is asking a big question: Should we rethink how we recognize intangibles on the balance sheet? In its newly released Invitation to Comment: Recognition of Intangibles, the Board explores whether current GAAP adequately reflects today’s innovation-driven business models—especially when it comes to internally developed assets like R&D, software, and brand value.
Mar 6, 2025 | Accounting
The FASB has issued an Invitation to Comment for a 2025 Agenda Consultation. Similar to the 2021 Consultation, the FASB is proposing a variety of potential future projects and is looking for your help to prioritize them! Comments are due June 30, 2025.
Feb 27, 2025 | Accounting
The FASB has proposed updates to Interim Reporting (Topic 270) to improve clarity and ensure users understand when and how the guidance applies. While these changes do not fundamentally alter interim reporting requirements, they enhance navigability, disclosure clarity, and consistency across entities. All entities providing interim financial statements under GAAP, including SEC registrants and non-registrants should check to see what impacts the new guidance could have on your process. Submit your comments by March 31, 2025.
Feb 13, 2025 | Accounting
The FASB has proposed new accounting guidance for business entities that receive government grants. ASU 2018-08 explicitly excludes transfers of assets from government entities to business entities from the contributions received guidance in 958. During COVID, this left for-profit entities without clear guidance on handling various government grants. The exposure draft provides recognition, measurement, presentation, and disclosure guidance for governmental entities, which more closely aligns with IAS 20 than nonprofit GAAP. Comments are due March 31, 2025.
